minimize volatility to maximize the benefits of real assets · investing involves substantial risk...

RAAX® VanEck Vectors® Real Asset Allocation ETF

March 2020

Minimize Volatility to Maximize the Benefits of Real Assets

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Forecasts, estimates, and certain information contained herein are based upon proprietary research and the information contained in this material is not intended to be, nor should it be construed or used asinvestment, tax or legal advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security. References to specific securities and their issuers or sectors are for illustrativepurposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities or gain exposure to such sectors. The Fund(s) may or may not own the securities or beexposed to the sectors referenced and, if such securities are owned or exposure maintained, no representation is being made that such securities will continue to be held or exposure maintained.

Diversification and asset allocation do not assure a profit nor protect against loss.

An investment in the Fund may be subject to risks which include, among others, in fund of funds risk which may subject the Fund to investing in commodities, gold, natural resources companies, MLPs, real estatesector, infrastructure, equities securities, small- and medium-capitalization companies, foreign securities, emerging market issuers, foreign currency, credit, high yield securities, interest rate, call and concentrationrisks, all of which may adversely affect the Fund. The Fund may also be subject to affiliated fund, U.S. Treasury Bills, subsidiary investment, commodity regulatory (with respect to investments in the Subsidiary),tax (with respect to investments in the Subsidiary), liquidity, gap, cash transactions, high portfolio turnover, model and data, management, operational, authorized participant concentration, no guarantee of activetrading market, trading issues, market, fund shares trading, premium/discount and liquidity of fund shares, non-diversified and risks of ETPs. Foreign investments are subject to risks, which include changes ineconomic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund's returns. Small- and medium-capitalization companies may be subject to elevated risks.

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See index descriptions at the end of this presentation.

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ETF disclosure

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What are real assets and why?

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Please see important disclosures at the beginning of this presentation.

Real assets includes commodities, natural resource equities, MLPs, REITs, and Infrastructure

An allocation to real assets can play three key roles in a portfolio:

As a hedge to inflationary pressure

As a leverage to global growth

As a portfolio diversifier

Real assets can add benefits across environments

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Source: Bloomberg; FactSet; FRED; IMF; VanEck. Data as of 12/31/2017. Analysis based on quarterly data from September 1990 to December 2017 with average return values (above) expressed as whole numbers.“+/- Growth” represented by time periods where year-over-year OECD real GDP growth increased (“+”) or decreased (“-”) from the previous quarter. “+/- Inflation” represented by time periods where realized U.S. inflation,as measured by U.S. CPI – All Items, was greater than (“+”) or less than (“-”) one-year-ahead inflation expectations, as measured by University of Michigan’s Inflation Expectations Survey. This information is beingprovided for informational purposes only. It is not intended as investment advice, or an offer or solicitation for the purchases or sale of any financial instrument. No market data or other information is warranted orguaranteed by VanEck.

“Natural Resource Equities” represented by an 80%/20% blended index of S&P 500 – Energy TR Index and S&P 500 TR – Materials TR Index from September 1990 to June 1996, S&P North American Natural ResourcesSector TR Index from July 1996 to September 2003, and a 50%/50% blended index of the S&P North American Natural Resources Sector TR Index and the S&P Global Natural Resources Index (Gross) from October2003 to December 2017. “Commodities” represented by the S&P® GSCI TR Index from September 1990 to December 1991 and the Bloomberg Commodities TR Index from January 1992 to December 2017.“Infrastructure” represented by a 70%/20%/10% blended index of FactSet’s GICS-classified Utilities Sector, Transportation Infrastructure Industry, and Oil & Gas Storage & Transportation Sub-Industry equity securities(including both developed and emerging markets but excluding holdings with less than $250 million in market capitalization and holdings without listings on developed market exchanges) from September 1990 toDecember 2001, the S&P Global Infrastructure Index from January 2002 to December 2002, and a blended index of S&P Global Infrastructure and DJ Brookfield Global Infrastructure Composite TR Index from January2003 to December 2017. “REITs” represented by the FTSE NAREIT All Equity REITs Index for all time periods. “International (Int’l) Equities” represented by the MSCI AC World ex USA TR Index for all time periods. “U.S.Equities” represented by the S&P® 500 TR Index for all time periods; “U.S. Bonds” represented by the Bloomberg Barclays U.S. Aggregate Bond TR Index for all time periods. See important disclosures at the beginningof this presentation and index descriptions at end.

VanEck Vectors®

Real Asset Allocation ETF (RAAX)

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Minimize volatility to maximize real asset benefits

6

Source: VanEck. 1Net expense ratio shown. The gross expense ratio for the fund is 1.13%. Expenses for RAAX are capped contractually at 0.55% until February 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. Expense ratio as of the most recent prospectus. Please see the Fund’s prospectus for more detailed information on expenses.

The VanEck Vectors Real Asset Allocation ETF is designed to provide exposure to the valuable potential of real assets while seeking to reduce volatility through its unique, objective investment approach.

Fund DetailsFundTicker RAAXIntraday NAV Ticker RAAX.IVCommencementDate 4/9/2018ExpenseRatio (%)1 0.75Exchange NYSE ArcaAnticipated DividendFrequency Annually

Comprehensive allocation strategy that invests across commodities, natural resources equities, gold, REITs, MLPs, and infrastructure

Seeks to reduce volatility by responding to changing market environments including the ability to allocate 100% to cash during market stress

Optimized allocation process provides exposure to segments with positive expected returns while managing overall portfolio risk and drawdowns

Key Characteristics

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Focus on reducing real asset volatility

VanEck Vectors Real Asset Allocation ETF (RAAX) seeks to address key volatility considerations in each step of its process by evaluating:

First, when to be invested or get defensive by transitioning to cash and possibly gold;

Second, what asset classes to invest in; and

Lastly, how much to allocate among these asset classes

Objective

Inputs

Volatility Management

Technical, macroeconomic and fundamental, commodity price and sentiment indicators generate market risk score

Measure risk level to determine when to be invested in real assets or defensively positioned

Flexibility to defensivelyposition with up to 100% in cash and cashequivalents

STEP 1 - WHEN STEP 2 - WHAT STEP 3 – HOW MUCH

Objective indicators used in step one provide bullish or bearish asset class projections

Identify what real assetclasses are expected to have positive returns

Only asset classes expected to have positive returnsareincluded in the portfolio

Short-term volatility of andcorrelationsbetween asset classes

Optimization processgenerally leads to largerallocations in less volatile asset classes

Optimize how much toweight each of theinvestable asset classesfrom step two

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Indicators drive identification and positioning Indicators provide comprehensive view of risk levels and return expectations and dictate positioning to adapt to market conditions

These were developed quantitatively with insight developed over the firm’s 50 year history of natural resource investing

Price Trends Volatility

Market Sentiment Macroeconomic/Fundamental

Real Asset Allocation ModelIndicators are tailored

to each real asset class

For illustrative purposes only. Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2

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For illustrative purposes only. See disclosures at the beginning of this presentation. See index descriptions and definitions at the end of this presentation.

Step one: identify market environment positioning Indicators signals are aggregated to compile Overall Risk Score to identify five market environments

As the Risk Score increases, defensive positioning rises; if above 60 and bearish on gold then portfolio 100% cash

RISK SCORE: Between 60 and 100

MARKET ENVIRONMENT: UNSTABLE

DEFENSIVE ALLOCATION: 80% Cash/20% Gold Bullion

UNSTABLE or DANGEROUS

WEAK

CAUTIOUSSTABLE

Risk Increasing in RealAssets


MARKET ENVIRONMENT: DANGEROUS

DEFENSIVE ALLOCATION: 100% Cash

Over

all R

isk S

core


MARKET ENVIRONMENT: WEAK



MARKET ENVIRONMENT: CAUTIOUS



MARKET ENVIRONMENT: STABLE


Real Assets(including gold bullion potentially)

Cash

Gold bullion only

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Step two: assess expected returns Identify the assets with positive expected total returns based on indicators and exclude assets with negative expected returns

In Unstable and Dangerous market conditions identified in step 1, this step is not part of the allocation process

Hypothetical Example:

Begin with a diversified set of real assets across natural resource equities, commodities, MLPs, Infrastructure, and REITs

Indicators determine asset classes with positive expected returns (green) and those likely to decline (red)

Portfolio has flexibility to completely exclude asset classes to isolate potentially beneficial areas of real assets

Asset Classes

Diversified Commodities Futures

Agribusiness Equities

Coal Equities

Oil Services Equities

Unconventional Oil & Gas Equities

Low Carbon Energy Equities

Energy (incl. Integrateds) Equities

Global Metals and Mining Equities

Steel Equities

Gold Bullion

Gold Mining Equities

U.S. Real Estate Investment Trusts

Master Limited Partnerships

Global Infrastructure Equities

Asset Classes


Coal Equities


Gold Bullion





Oil Services Equities

Unconventional Oil & Gas Equities

Steel Equities

U.S. Real Estate Investment Trusts

Global Metals and Mining Equities


Asset Classes


Coal Equities


Gold Bullion




For illustrative purposes only. Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2.

Eligible real assets segments Typical exposure range (%)1

Agribusiness Equities 0 – 7.5Coal Equities 0 – 7.5Low Carbon Energy Equities 0 – 7.5Energy (incl. Integrated) Equities 0 – 7.5Oil Services Equities 0 – 7.5Unconventional Oil & Gas Equities 0 – 7.5Steel Equities 0 – 7.5U.S. Real Estate Investment Trusts 0 – 20Global Metals and Mining Equities 0 – 20Global Infrastructure Equities 0 – 20Gold Bullion 0 – 20Gold Mining Equities 0 – 20Master Limited Partnerships 0 – 20Diversified Commodities Futures 0 – 30

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Analyze volatility and correlations of the investable asset classes from step 2 and optimize for portfolio weights

Weights are assigned to create the minimum variance portfolio (or to maximize diversification and minimize volatility)

In Unstable and Dangerous market conditions identified in step 1, this step is not part of the allocation process

Step three: determine position weightings

1The Real Asset sectors listed above represent the current investable universe as determined by portfolio management. These sectors and their respective typical exposure ranges, as well as the portfolio’s defensive positioning are subject to change in the future, dependent on a number of factors, including asset size and relevant developments in real assets and the broad market environment. Target exposure applies to weightings initiated at Strategy’s monthly repositioning. Weightings may vary intra-month.

Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2.

Allocations

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Overall Risk Score

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Source: VanEck. Data as of May 1, 2020. Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2.

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Source: VanEck. Data as of May 4, 2020. Please see important disclosures at the beginning of this presentation and index definitions at the end.

Sector weights since inception

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Cash

MLPs

REITs

Infrastructure

Natural ResourceEquities

Gold & Gold Equities

Commodities

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Allocations – May 2020


Gold & Gold Equities24.80%

Cash75.20%

Real Asset Sector Weights

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Allocations – May 2020


Monthly Asset Class ChangesMay-20 Apr-20 Change from Previous Month

Cash 75.2% 76.1% -0.9% Decrease

Gold Bullion 24.8% 23.9% 0.9% Increase

Global Metals & Mining Equities 0.0% 0.0% 0.0% No Change

Unconventional Oil & Gas Equities 0.0% 0.0% 0.0% No Change

Steel Equities 0.0% 0.0% 0.0% No Change

Oil Services Equities 0.0% 0.0% 0.0% No Change

Energy Equities 0.0% 0.0% 0.0% No Change

Agribusiness Equities 0.0% 0.0% 0.0% No Change

Coal Equities 0.0% 0.0% 0.0% No Change

Low Carbon Energy Equities 0.0% 0.0% 0.0% No Change

MLPs 0.0% 0.0% 0.0% No Change

Diversified Commodities 0.0% 0.0% 0.0% No Change

Global Infrastructure 0.0% 0.0% 0.0% No Change

Gold Equities 0.0% 0.0% 0.0% No Change

REITs 0.0% 0.0% 0.0% No Change

Performance

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RAAX performance

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect applicable fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees, investment returns would have been reduced. Investment returns and Fund share values will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Index returns assume that dividends of the Index constituents in the Index have been reinvested. Investing involves risk, including loss of principal. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

RAAX Performance History (%) as of 4/30/2020 1MO YTD 1YR 3YR 5YR

LIFE 4/9/2018

ExpenseRatio1

NAV 0.67 -25.27 -21.15 -- -- -11.05

0.75Share Price 0.26 -25.39 -21.36 -- -- -11.12

Bloomberg Commodity Index -1.54 -24.47 -23.18 -- -- -14.76

Blended Real Asset Index 7.21 -22.53 -18.66 -- -- -8.69

Source: VanEck, FactSet. 1Net expense ratio shown. The gross expense ratio for the fund is 1.13%. Expenses for RAAX are capped contractually at 0.55% until February 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. Expense ratio as of the most recent prospectus. Please see the Fund’s prospectus for more detailed information on expenses.The Blended Real Asset Index is calculated by VanEck and comprises an equally weighted blend of the returns of Bloomberg Commodity Index, S&P Real Assets Equity Index, and VanEck® Natural Resources Index. Equal weightings are reset monthly. The Blended Real Asset Index is an appropriate benchmark because it represents the various real assets investments considered by the Fund covering natural resources equities, MLPs, infrastructure, real estate, and commodity futures. The Bloomberg Commodity Index is a broadly diversified index that tracks the commodity markets through commodity futures contracts and is made up of exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity.All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the funds’ performance. Indices are not securities in which investments can be made. Please see important disclosures at the beginning of this presentation and index definitions at the end.

RAAX Performance History (%) as of 3/31/2020 1MO YTD 1YR 3YR 5YR

LIFE 4/9/2018

ExpenseRatio1

NAV -17.83 -25.77 -22.48 -- -- -11.78

0.75Share Price -17.54 -25.58 -22.37 -- -- -11.67

Bloomberg Commodity Index -12.81 -23.29 -22.31 -- -- -14.66

Blended Real Asset Index -17.20 -27.74 -24.01 -- -- -12.10

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https://staging.vaneck.com/

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Process has delivered attractive relative profile

Source: VanEck, FactSet. Data as of April 30, 2020.The Blended Real Asset Index is calculated by VanEck and comprises an equally weighted blend of the returns of Bloomberg Commodity Index, S&P Real Assets Equity Index, and VanEck® Natural Resources Index. Equal weightings are reset monthly. The Blended Real Asset Index is an appropriate benchmark because it represents the various real assets investments considered by the Fund covering natural resources equities, MLPs, infrastructure, real estate, and commodity futures. Agriculture Equities is measured by the MVIS® Global Agribusiness Index (MVMOOTR); Coal Equities is measured by the MVIS™ Global Coal Index (MVKOLTR); Gold Bullion is measured by the gold bullion spot price (GOLDS COMDTY); Gold Miners Equities is measured by the NYSE Arca Gold Miners Index (GDMNTR); MLPs are measured by the Solactive MLP & Energy Infrastructure Index (SOLMLPX); Global Infrastructure is measured by the S&P Global Infrastructure Index (SPGTINNT); Oil Service Equities is measured by the MVIS® U.S. Listed Oil Services 25 Index (MVOIHTR); Unconventional Oil & Gas Equities are measured by the MVIS® Global Unconventional Oil & Gas Index (MVFRAKTR); Metals & Mining Equities are measured by the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index (M1WDS1PI); Diversified Commodities are measured by DBIQ Optimum Yield Diversified Commodity Index Excess Return (DBLCDBCE); U.S. REITs are measured by the MSCI US REIT Index (RMS G Index); Steel Equities are measured by the NYSE Arca Steel Index (STEEL); Energy Select Sector is measured by the Energy Select Sector Index; Low Carbon Energy Equities are measured by the Ardour Global IndexSM Extra Liquid (AGIXLT);.All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the funds’ performance. Indices are not securities in which investments can be made. Please see important disclosures at the beginning of this presentation and index definitions at the end.

Risk/Return (April 9, 2018 through April 30, 2020)


Agriculture

Coal Equity

Gold Bullion

Gold Miners

MLPs

Global Infrastructure

Oil Service

Unconventional Oil & Gas

Metals & Mining

Diversified Commodities

U.S. REIT

Steel

Real Asset AllocationBlended Benchmark

Low Carbon Energy

Energy Select Sector

-100.0%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

0.0 10.0 20.0 30.0 40.0 50.0 60.0

Cum

ulat

ive R

etur

n

Annualized Standard Deviation

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Defensive positioning results in less drawdown Defensive positioning in cash and gold helped RAAX sidestep volatility at end of 2018 and Q1 2020

Source: VanEck, FactSet. Data as of April 30, 2020.

The Blended Real Asset Index is calculated by VanEck and comprises an equally weighted blend of the returns of Bloomberg Commodity Index, S&P Real Assets Equity Index, and VanEck® Natural Resources Index. Equal weightings are reset monthly. The Blended Real Asset Index is an appropriate benchmark because it represents the various real assets investments considered by the Fund covering natural resources equities, MLPs, infrastructure, real estate, and commodity futures.All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the funds’ performance. Indices are not securities in which investments can be made. Please see important disclosures at the beginning of this presentation and index definitions at the end.


tel:+18008262333


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Low correlation provides diversification Since its launch, RAAX has demonstrated low correlation to traditional assets classes which provides portfolio diversification

Higher correlation to commodities and natural resources equities offers access but with downside protection

Correlation (4/9/2018 to 12/31/2019) to RAAX

Bloomberg Barclays US Agg 0.05

Gold 0.39

Bloomberg Commodity Index 0.59

S&P 500 0.73

S&P North Amer. Nat. Resources Index 0.81

Real Assets Blended Benchmark 0.81

Source: VanEck, FactSet. Data as of April 30, 2020. Diversification and asset allocation do not assure a profit nor protect against loss.

The Blended Real Asset Index is calculated by VanEck and comprises an equally weighted blend of the returns of Bloomberg Commodity Index, S&P Real Assets Equity Index, and VanEck® Natural Resources Index. Equal weightings are reset monthly. The Blended Real Asset Index is an appropriate benchmark because it represents the various real assets investments considered by the Fund covering natural resources equities, MLPs, infrastructure, real estate, and commodity futures.All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in a fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the funds’ performance. Indices are not securities in which investments can be made. Please see important disclosures at the beginning of this presentation and index definitions at the end.


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Current Indicators

22

Overall Risk Score

23

Source: VanEck. Data as of May 1, 2020. Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2.

Economic Risk Score

24

Real asset economic composite remained bullish in April although it became more bearish

Economic Risk Score

Source: VanEck. Data as of April 30, 2020. Van Eck Absolute Return Advisers Corporation anticipates that the indicators and process used in RAAX’s allocation decisions will evolve over time and may incorporate additional changes. See important disclosures on page 2.

Price Trend Risk Score

25

Price trends remained bearish but saw some improvement in April

Price Trend Risk Score


Volatility Risk Score

26

Volatility in real asset prices was at an extreme in March but has come down in April

Volatility Risk Score


Sentiment Risk Score

27

Investor sentiment within commodities was an a near term extreme but improved in April

Sentiment Risk Score


28

Risk in real assets not problematic

Source: VanEck. Data as of April 30, 2020. Please see important disclosures at the beginning of this presentation and index definitions at the end.

Real assets segmentsPrice Trend Volatility

Macro/Fundamental Sentiment

Agribusiness Equities Bearish

Coal Equities Bearish Bearish Bearish

Global Infrastructure Equities Bearish

Gold Bullion Bearish

Gold Mining Equities Bearish Bearish

Diversified Commodities Bearish Bearish

Master Limited Partnerships Bearish Bearish

Oil Services Equities Bearish Bearish

Unconventional Oil & Gas Equities Bearish

Global Metals and Mining Equities Bearish Bearish

REITs Bearish Bearish

Steel Equities Bearish

Low Carbon Energy Equities Bearish

Energy (incl. Integrateds) Equities Bearish Bearish Bearish

All indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs, advisory fees or expenses that are typically associated with managedaccounts or investment funds. Indices were selected for illustrative purposes only and are not securities in which investments can be made. The returns of actual accounts investing in natural resourceequities, energy equities, diversified mining equities, gold equities, commodities, oil, industrial metals, gold, U.S. equities and U.S. bonds strategies are likely to differ from the performance of eachcorresponding index. In addition, the returns of accounts will vary from the performance of the indices for a variety of reasons, including timing and individual account objectives andrestrictions. Accordingly, there can be no assurance that the benefits and risk/return profile of the indices shown would be similar to those of actual accounts managed. Performance is shown for thestated time period only.

The S&P® 500 Index: a float-adjusted, market-cap-weighted index of 500 leading U.S. companies from across all market sectors. The S&P 500® Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector. The S&P 500® Materials Index: comprises those companies included in the S&P 500 that are classified as members of the GICS® materials sector. The S&P® North American Natural Resources Sector Index: a modified capitalization-weighted index which includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. The S&P® Global Natural Resources Index: which includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: Agribusiness, Energy and Metals & Mining. The S&P® GSCI Total Return Index: is a world production-weighted commodity index comprised of liquid, exchange-traded futures contracts and is often used as a benchmark for world commodity prices. The Bloomberg Commodity Index: is a broadly diversified commodity price index. The index tracks prices of futures contracts on physical commodities on the commodity markets. The index is designed to minimize concentration in any one commodity or sector. The S&P Global Infrastructure Index: is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintainingliquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. The Dow Jones Brookfield Global Infrastructure Composite TR Index: is designed to measure the performance of pure-play infrastructure companies domiciled globally and across all sectors of the infrastructure market. The FTSE NAREIT All Equity REITs Index: is a free-float adjusted, market capitalization-weighted index of U.S. Equity REITs. Constituents of the Index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries*. With 2,166 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. The Bloomberg Barclays U.S. Aggregate Bond TR Index: is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). The VanEck Natural Resources Index: is a rules-based index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. Sector weights are set annually based on estimates of global natural resources consumption, and stock weights within sectors are based on market capitalization, float-adjusted and modified to conform to various asset diversification requirements. The MSCI US REIT Index: is a free float-adjusted market capitalization index that is comprised of equity REITs and represents about 99% of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS®). It however excludes Mortgage REIT and selected Specialized REITs. The Alerian MLP Infrastructure Index is a composite of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities. The LBMA Gold Price Index: is a regulated benchmark administered by ICE Benchmark Administration (IBA) who provide the auction platform, the methodology and the overall independent administration and governance for the LBMA Gold Price. The LBMA Gold Price continues to be set twice daily (at 10:30 and 15:00 London BST) in US dollars and other currencies. The Dow Jones Equity All REIT Index, designed to measure all publicly traded real estate investment trusts in the Dow Jones U.S. stock universe classified as equity REITs according to the S&P Dow Jones Indices REIT Industry Classification Hierarchy. The S&P Real Assets Equity Index: measures the performance of equity real return strategies that invest in listed global property, infrastructure, natural resources, and timber and forestry companies. The Blended Real Asset Index: is calculated by VanEck and comprises an equally weighted blend of the returns of Bloomberg Commodity Index, S&P Real Assets Equity Index, and VanEck® Natural Resources Index. Equal weightings are reset monthly. The Blended Real Asset Index is an appropriate benchmark because it represents the various real assets investments considered by the Fund covering natural resources equities, MLPs, infrastructure, real estate, and commodity futures. The MVIS Global Agribusiness Index is a modified market cap-weighted index tracks the performance of the largest and most liquid companies in the global agribusiness segment. Its unique pure-play approach requires that companies have to generate at least 50% of their revenues from agri-chemicals and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, from agricultural products (incl. Grain, tobacco, meat, poultry and sugar), aquaculture and fishing, livestock, plantations and trading of agricultural products. The MVIS Global Coal Index is a modified market cap-weighted index tracks the performance of the largest and most liquid companies in the global coal segment. Its unique pure-play approach requires that companies have to generate at least 50% of their revenues from coal operation (production, mining and cokeries), transportation of coal, from production of coal mining equipment as well as from storage and trade. The NYSE Arca Gold Miners Index is a modified market capitalization-weighted index composed of publicly traded companies involved primarily in the mining for gold. The Index is calculated and maintained by the New York Stock Exchange. The Solactive MLP & Energy Infrastructure Index tracks the performance of MLPs and energy infrastructure corporations. The MVIS U.S. Listed Oil Services 25 Index is intended to track the overall performance of U.S.-listed companies involved in oil services to the upstream oil sector, which include oil equipment, oil services, or oil drilling. The MVIS Global Unconventional Oil & Gas Index is intended to track the performance of the largest and most liquid companies in the unconventional oil and gas segment. The pure-play index contains only companies that generate at least 50% of their revenues from unconventional oil and gas which is defined as coal bed methane (CBM), coal seam gas (CSG), shale oil, shale gas, tight natural gas, tight oil and tight sands. The MSCI ACWI Metals and Mining Index is composed of large and mid cap stocks across 23 Developed Markets countries and 24 Emerging Markets countries. All securities in the index are classified in the Metals & Mining industry (within the Materials sector) according to the Global Industry Classification Standard (GICS®). The DBIQ Optimum Yield Diversified Commodity Index Excess Return is an index composed of futures contracts on 14 heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors. The NYSE Arca Steel Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the production of steel products or mining and processing of iron ore. The Energy Select Sector Index is composed the energy sector of the S&P 500 and invests in companies that primarily develop and produce crude oil and natural gas, and provide drilling and other energy-related services. The Ardour Global IndexSM Extra Liquid Index tracks a market-cap-weighted index of low carbon energy companies defined as deriving at least 50% of their revenues from alternative energy.

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